The Importance of Ethics and Values in Business Organizations

Section A Question one: Explain the importance of ethics and values in business sustainability? Introduction: Ethics is concerned with what is good for individuals and the society according to (BBC ethics 2014). Ethics in general builds a person’s character which is portrayed by his/her behaviour. Business ethics can be defined as a way of which people and institutions should behave in the world of commerce. Most businesses are profit driven and by examining constraints or profit for self-interest when the actions of individuals or firms affect others most according to (Chris MacDonald 2014). Business ethics can also be defined as a culture which is practised within a business which enables a business to make decisions and actions which†¦show more content†¦2009). Ethical system of an organisation is a set of moral principles and values. Values are what each business stands for and they guide employees to behave in an appropriate manner with regards to the business and how it operates (Nieuwenhuizen and Oosthuizen T.F.J. (ed), 2014). For example The Mine Health and Safety Act 1996 is an Act which creates systems, procedures and structures whereby all aspects of safety are covered to protect the mine workers due to high injury disease rates due to the working conditions in mines which workers are exposed to everyday. The Act aims to provide good health and safety practices and it also aims to reduce accidents and to countermand the apartheid policies that were previously enforced amongst workers which guides businesses to follow the positive ethical business cycle (Gabriel Eweje 2005). Whistle blowing is when an employee reports on any illegal, immoral or illegitimate practices of another employee in the work place (Nieuwenhuizen and Oosthuizen T.F.J. (ed) Whistle blowing with internal reporting channel is less threating than whistle blowing of the external channel. External channel may lead to public scrutiny or legal intervention and it may put the organisation’s name in jeopardy. Whistle blowing are often not welcome because if report of the whistle blower is not taken seriously and left hanging the whistle blower mayShow MoreRelatedEthical And Ethical Aspects Of Business Ethics1350 Words   |  6 PagesMany authors in business industry have provided different definitions for business ethics. Moreover, definition varies for different people and different organizations. In general, Business ethics:-- -is a set of moral values or applied ethics that’s drives the operation of business. It’s more than operating a business under existing laws. There is always a question of morality and this morality of values comes from values held by the society. But ethics for each company may have high standard toRead MoreTable of content 1. Introduction 2. Importance of values and ethics in the business †¢ Ethical1200 Words   |  5 PagesIntroduction 2. Importance of values and ethics in the business †¢ Ethical conducts in organisations 3. Importance of leadership in the success of business Introduction â€Å"Ethics can be defined as moral principles that govern or influence a person’s behaviour and values are the context in which an organisation or society’s norms are established and justified† (buzz text book).Ethics are the guidelines helping us tell the difference between the is wrong and right. Most people are encouraged by ethics to normallyRead MoreWhat Is Business Ethics?1294 Words   |  6 PagesMIS 6308 – Assignment: Business Ethics Essay (50 points) What is business ethics? Business ethics can be understood as codes that define the actions and behavior of the employees in an institution. Standards are set by every company to define what is accepted as ‘Right’ and each employee is expected to abide by these standards. For a business to run successfully it is important to abide by the set of standards that are defined. Companies around the world observe these ethical principles strictly;Read MoreImportance of Business Ethics988 Words   |  4 PagesTopics of Content Introduction............................................................................................................................1 Business Ethics.......................................................................................................................2 Disadvantages of Unethical Behavior....................................................................................2 Case Study.......................................................................Read MoreDefine Ethics and Social Responsibility and Explain Why They Share Common Characteristics in an Organisational Setting. Identify Recent Examples Where Ethical Practices or Social Responsibility Have Not Occurred and the Implications for Stakehold...1651 Words   |  7 Pagescompanies or organizations viewed ethics,social responsibility,business ethics only in terms of administrative compliance with legal standards and adherence to internal rules and regulations. Today the situation is different. Attention to them is on the rise across the world and many companies or organizations realize that in order to succeed, they must earn the respect and confidence of their customers. Like never before, corporatons are being asked, encouraged and prodded to improve their business practicesRead MoreEthical Climate in Organisation1646 Words   |  7 PagesIntroduction In modern business environment it is imperative to have an ethical climate. Traditional commerce is fundamentally based upon performance and profit. With the ever changing workforce, it is imperative that organisations open themselves up to reorganisation, including the application of ethical and moral decision-making, and incorporating interest of ethics in the corporate structure. According to Victor and Cullen (1988 cited by Cohen 1993, p.343) organisational norms and values are means toRead MoreEthical Ethics And Ethical Issues1180 Words   |  5 PagesEthical issues in organizations are inevitable and are always on the horizon. These ethical concerns can directly impact the overall health of an organization in both positive and negative aspects. In order to be prepared for the ethical issues that will arise and to create an organizational competitive advantage, an intentional focus and effective communication of the code of ethics must be incorporated as a part of strategic planning. Sherwin (1983) indicates the that the term ethics, â€Å"refers to aRead MoreEthics and Decision Making1334 Words   |  6 PagesCHAPTER I WHAT IS ETHICS? - Each society form a set of rules that establishes the boundaries of general accepted behavior. These rules are often expressed in statements about how people should behave, and they fit together to form the MORAL CODE by which a society lives. - The term MORALITY refers to a social conventions about right and wrong that are so widely shared that they become the basis for an established consensus. DEFINITION OF ETHICS: ETHICS – is a set of beliefs about right andRead MoreGood Leadership: A Comparison of Two Articles670 Words   |  3 Pagesimportant characteristic in todays society. Many value a good leader, yet a good leader is elusive. While some would point to the current president as the epitome of such an individual, many would disagree. Thus, one asks, repeatedly, what makes a good leader, and only receives mixed answers. But a good leader is someone who can implement a variety of policies while remaining true to the customer, or the citizen, and make profit for the business, or simply sound policies for a nation. The two articlesRead MoreA Brief Note On Ethics And Conduct And Behavior1089 Words   |  5 PagesEthics Research Report Student Name: Longfei Wang Student ID: 11529471 Executive Summary This report describe the two professional areas, they are Early Childhood and Public Relation (PR). In this two areas, this article illustrates the importance of three professional codes which are ethics, conduct and behavior. The report also reveal some ethical or unethical behaviors in the light of the two professional areas. Then the two professions will be compared in the codes of